August 31, 2021 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Alim Kassam (the “Respondent”). In its Notice of Hearing dated July 19, 2021 (“Notice of Hearing”), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between on or about November 8, 2018 and December 2018, in his capacity as a branch manager, the Respondent did not adequately query or report to the Member information that he received that an Approved Person who worked at the branch location that he supervised had solicited an individual to purchase an investment outside the Member, contrary to the Member’s policies and procedures, MFDA Rules 2.5.5(f), 2.1.1, 1.1.2 and 2.5.1, and MFDA Policy No. 6.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Pacific Regional Council on October 19, 2021 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact firstname.lastname@example.org to obtain particulars.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Abbotsford, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.